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The founder and chief executive of Tampa-based Franklin Street is passing the leadership baton to one of his executives as the full-service commercial real estate brokerage plans further expansion in the Sun Belt.
Andrew Wright is stepping back from the top job at Franklin Street, the firm announced Monday, to be replaced by Chief Revenue Officer Matthew Harrell as the new CEO as part of a planned succession.
Wright is stepping back from day-to-day activity, but he said he will remain chairman of the board of directors and be involved in the growth of the firm moving forward. Franklin Street operates seven business divisions: investment sales, tenant representation, landlord representation, capital advisory, insurance, property management and project management.
“We are very much aligned in our core values,” Harrell told Bisnow. "This has been a strategic plan for this transition for a number of years."
Franklin Street was founded in 2006 and today has 300 professionals with offices in Tampa, Fort Lauderdale, Jacksonville, Orlando, Miami, Atlanta and Chicago and has conducted $7B in transaction value, the company said in a release. Under Harrell's leadership, Franklin Street plans to continue its national expansion by looking to recruit brokers and acquire firms for all its business lines in high-growth markets, especially in Dallas, Houston, Austin, Nashville and Charlotte.
Last year, the firm's revenues grew 50% to $1.43B, Franklin Street said in a release. Harrell said Franklin Street is particularly focused on growing its capital market services division in the Sun Belt.
“Capital markets is a strategic line of business that we feel can give the most opportunity to feed other lines of business in the long term,” he said. “But again, what we're looking for is the people behind those businesses.”
Harrell was named chief revenue officer last year and was tasked with recruiting and merger and acquisition activities for Franklin Street. Prior to that, Harrell served as managing director of the firm's insurance services division and a member of the board of directors since 2012.
“Over the past 13 years, no one has been as integral to Franklin Street’s growth, success and quality of culture as Matt Harrell,” Wright said in a press release. “There is unlimited potential for what we can accomplish in the coming years, and I am excited to see Matt lead us there.”
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